Summit Global Investments Invests $939,000 in ArcBest Corporation $ARCB

Summit Global Investments purchased a new stake in ArcBest Corporation (NASDAQ:ARCB) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 13,442 shares of the transportation company’s stock, valued at approximately $939,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Partners Group Holding AG boosted its holdings in shares of ArcBest by 23.2% in the second quarter. Partners Group Holding AG now owns 147,476 shares of the transportation company’s stock valued at $11,357,000 after buying an additional 27,797 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ArcBest during the second quarter worth about $1,759,000. Envestnet Portfolio Solutions Inc. acquired a new stake in ArcBest in the 2nd quarter valued at approximately $355,000. Farther Finance Advisors LLC lifted its stake in ArcBest by 433.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 384 shares of the transportation company’s stock valued at $30,000 after acquiring an additional 312 shares in the last quarter. Finally, Impala Asset Management LLC acquired a new position in ArcBest during the 2nd quarter worth approximately $5,468,000. Institutional investors and hedge funds own 99.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ARCB shares. Stifel Nicolaus lifted their target price on ArcBest from $85.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Citigroup increased their price target on ArcBest from $83.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. TD Cowen reiterated a “hold” rating on shares of ArcBest in a research note on Friday, January 9th. UBS Group cut their price objective on shares of ArcBest from $80.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. raised their price objective on ArcBest from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.83.

More ArcBest News

Here are the key news stories impacting ArcBest this week:

• Positive Sentiment: Revenue slightly beat expectations — Q4 revenue of $972.7M topped the ~ $963.7M analyst view, showing resilience in sales versus the prior year decline. Read More.
• Positive Sentiment: Board changes and a quarterly dividend announced — management added two board members and declared a dividend, actions investors often view as shareholder-friendly and supportive of the equity. Read More.
• Neutral Sentiment: Conference call materials and slide deck available — management hosted an earnings call and published slides/press materials that may provide additional color for investors who attended or review the deck. Read More.
• Neutral Sentiment: Short-interest report shows anomalous/zero figures for late January — the published data appears inconsistent and unlikely to be a meaningful driver until clarified. (Internal short-interest note)
• Negative Sentiment: Q4 EPS missed and the company swung to a loss — ArcBest reported EPS of -$0.36 versus consensus near $0.43–$0.45, and a net loss from continuing operations of $8.1M, down from profitable results a year earlier; that earnings miss is a clear negative fundamental catalyst. Read More.

ArcBest Stock Performance

Shares of ARCB opened at $90.22 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.98. ArcBest Corporation has a one year low of $55.19 and a one year high of $103.14. The stock has a 50-day moving average of $78.85 and a 200-day moving average of $74.64. The company has a market cap of $2.03 billion, a PE ratio of 21.43, a P/E/G ratio of 10.76 and a beta of 1.51.

ArcBest (NASDAQ:ARCB) last released its earnings results on Friday, January 30th. The transportation company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.09). ArcBest had a net margin of 2.41% and a return on equity of 8.24%. The business had revenue of $972.69 million during the quarter, compared to the consensus estimate of $963.74 million. During the same period in the prior year, the company earned $1.33 earnings per share. The business’s revenue was down 2.9% on a year-over-year basis. On average, equities research analysts predict that ArcBest Corporation will post 7 EPS for the current fiscal year.

ArcBest Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Stockholders of record on Tuesday, February 10th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, February 10th. ArcBest’s dividend payout ratio is presently 11.40%.

About ArcBest

ArcBest Corporation (NASDAQ: ARCB) is a transportation and logistics company that offers comprehensive freight and supply chain solutions across North America. Founded in 1923 as Arkansas Best Freight System, the company has evolved into a diversified service provider with both asset-based and asset-light operations. Its core businesses include less-than-truckload (LTL) shipping through ABF Freight, expedited full-truckload services via Panther Premium Logistics, and a range of logistics and supply chain management services under its ArcBest Integrated Logistics division.

The company’s asset-based operations also encompass FleetNet America, a provider of emergency roadside assistance and maintenance services for heavy-duty vehicles.